PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1065208
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1065208
According to the recent report published by SPER Market Research, the beverage processing equipment market is estimated to reach USD 34.1 billion by 2030 with a CAGR of 5.9%. Beverages come in different varieties. Healthy beverages such as sparkling water is attracting young generation for it health benefits from calcium, vitamins and magnesium.
COVID-19 has impacted the consumer behaviour to shift towards safety, hygiene and nutrition. Consumers now prefer to consume beverages of nutritive value and safety. These changes in consumer behaviour have propelled manufacturers to check their products on safety parameters to maintain the standards in the market. This has resulted in the growth of beverage processing equipment market. However, shortage of semiconductors has impacted the manufacturing of equipment for many industries.
Alfa Laval, Bucher Industries, GEA Group, JBT Corporation, KHS GmbH, Krones Group, Pentair, Praj Industries Ltd, SPX Flow, Tetra Lava.
The consumption of alcohol is increasing rapidly in developing countries. The increasing per capita income, active marketing of alcohol and rising urbanization. The increasing production of alcohol to fulfil the rising demand has positive impact on the beverage processing equipment market. Awareness for the quality of products has increased among the consumers and they even pay a higher amount for a safe and trusted brand. The changing consumer behaviour around alcohol is a leading driver to this market in the forecast period.
The operations of processing equipment require energy and power. The electricity is utilized in running the plants, lighting, refrigeration and other processes. Increasing cost of energy and power are restraints to the advancement of beverage processing equipment market. It is important for the companies to reduce the consumption of electricity by upgrading their equipment, adopting latest technology and improving management.
Emerging economies such as India and China provide growth opportunities to this market owing to rise in consumption of alcoholic and non-alcoholic beverages. Growing population, globalisation and rising income have caused upsurge in the demand of beverages such as soft drinks and beers. The popularity of ready to drink beverages with clean labels such as gluten-free, low calorie is creating growth opportunities.
The installation of processing equipment is highly costly. Other expenses such as maintenance charges upgrading technology cut down the profit margin on beverages. The manufacturers also opt for rental services for equipment to reduce the cost. The high total cost thus poses significant challenge for this market to grow in the forecast period.
The carbonated beverage type segment occupied the largest share of this market. The large share of this segment is attributed to popularity of soft drinks, health benefits of sparkling water and high consumption among children and adolescents.
Asia Pacific owns the largest share of this market owing to high demand, popularity of carbonated drinks, large population and active marketing of beverages.